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Revenue Recognition
 6 Months Ended
May 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Timing of Revenue Recognition

Our revenues are derived from licensing our products, and from related services, which consist of maintenance, hosting services, and consulting and education. Information relating to revenue from external customers by revenue type is as follows:
 
Three Months EndedSix Months Ended
(in thousands)May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Performance obligations transferred at a point in time:
Software licenses$53,979 $56,407 $118,079 $113,975 
Performance obligations transferred over time:
Maintenance102,503 102,240 204,528 194,753 
Services18,595 19,604 37,155 33,749 
Total revenue$175,077 $178,251 $359,762 $342,477 

Geographic Revenue

In the following table, revenue attributed to North America includes sales to customers in the U.S. and sales to certain multinational organizations. Revenue from EMEA, Latin America and the Asia Pacific region includes sales to customers in each region plus sales from the U.S. to distributors in these regions. Information relating to revenue from external customers from different geographical areas is as follows:
 
Three Months EndedSix Months Ended
(in thousands)May 31, 2024May 31, 2023May 31, 2024May 31, 2023
North America$102,902 $105,732 $210,184 $204,560 
EMEA57,538 56,185 120,625 109,590 
Latin America4,599 4,790 9,267 8,979 
Asia Pacific10,038 11,544 19,686 19,348 
Total revenue$175,077 $178,251 $359,762 $342,477 

No single customer, partner, or country outside the U.S. accounted for more than 10% of our total revenue for the three and six months ended May 31, 2024 or May 31, 2023.
Contract Balances

Unbilled Receivables and Contract Assets

As of May 31, 2024, billing of our long-term unbilled receivables is expected to occur as follows:
(in thousands)
2025$14,251 
202615,825 
20272,325 
Total$32,401 

Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. We did not have any net contract assets as of May 31, 2024 or November 30, 2023.

Deferred Revenue

Deferred revenue expected to be recognized as revenue more than one year subsequent to the balance sheet date is included in long-term liabilities on the condensed consolidated balance sheets. Our deferred revenue balance is primarily made up of deferred maintenance.

The changes in net deferred revenue for the six months ended May 31, 2024 were as follows:

(in thousands)
Balance, December 1, 2023$295,036 
Billings and other356,300 
Revenue recognized that was deferred in prior periods(180,966)
Revenue recognized from current period arrangements(178,796)
Balance, May 31, 2024$291,574 

As of May 31, 2024, transaction price allocated to remaining performance obligations was $344 million. We expect to recognize approximately 75% of the revenue within the next year and the remainder thereafter.

Deferred Contract Costs

Certain of our sales incentive programs meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three to five years; or (ii) the term of the related revenue contract. We determined that a three to five year product life represents the period of benefit that we receive from these incremental costs based on both qualitative and quantitative factors, which include customer contracts, industry norms, and product upgrades. Total deferred contract costs were $6.6 million and $7.6 million as of May 31, 2024 and November 30, 2023, respectively, and are included in other current assets and other assets on our condensed consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our condensed consolidated statement of operations and was minimal in all periods presented.